v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the fair value hierarchy classification of such fair values as of September 30, 2026 and December 31, 2025 (in thousands):

 

 

Fair Value Measurements at

 

 

 

September 30, 2026

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

161,633

 

 

$

161,633

 

 

$

—

 

 

$

—

 

Money market funds

 

 

30,394

 

 

 

30,394

 

 

 

—

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

1,377,384

 

 

 

—

 

 

 

1,377,384

 

 

 

—

 

Certificates and term deposits

 

 

322,236

 

 

 

—

 

 

 

322,236

 

 

 

—

 

Government-sponsored enterprise securities

 

 

303,540

 

 

 

—

 

 

 

303,540

 

 

 

—

 

Commercial paper

 

 

59,286

 

 

 

—

 

 

 

59,286

 

 

 

—

 

Corporate equity securities

 

 

22,096

 

 

 

17,437

 

 

 

4,659

 

 

 

—

 

Total

 

$

2,276,569

 

 

$

209,464

 

 

$

2,067,105

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at

 

 

 

December 31, 2025

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

295,412

 

 

$

295,412

 

 

$

—

 

 

$

—

 

Money market funds

 

 

37,255

 

 

 

37,255

 

 

 

—

 

 

 

—

 

Commercial paper

 

 

14,892

 

 

 

—

 

 

 

14,892

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

1,155,965

 

 

 

—

 

 

 

1,155,965

 

 

 

—

 

Certificates of deposit

 

 

101,100

 

 

 

—

 

 

 

101,100

 

 

 

—

 

Government-sponsored enterprise securities

 

 

305,298

 

 

 

—

 

 

 

305,298

 

 

 

—

 

Commercial paper

 

 

49,460

 

 

 

—

 

 

 

49,460

 

 

 

—

 

Corporate equity securities

 

 

16,446

 

 

 

—

 

 

 

16,446

 

 

 

—

 

Total

 

$

1,975,828

 

 

$

332,667

 

 

$

1,643,161

 

 

$

—

 

Marketable securities classified as Level 1 within the valuation hierarchy consist of corporate equity securities with quoted prices in active markets. Marketable securities classified as Level 2 within the valuation hierarchy generally consist of U.S. treasury securities and government agency securities, certificates of deposit, corporate bonds, commercial paper and warrants to purchase

common shares of publicly traded companies. The Company estimates the fair value of these marketable securities by taking into consideration valuations obtained from third-party pricing sources.

Notes

The fair value of the Company’s Convertible Senior Notes due 2031, or the Notes, which differs from their respective carrying values, is determined by prices for the Notes observed in market trading and classified as Level 2 within the valuation hierarchy. The Notes are described in further detail in Note 8 of the notes to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

The following table presents the aggregate face values and the fair values of the Notes, based on their market prices on the last trading day for the periods presented (in thousands):

 

 

September 30, 2026

 

 

December 31, 2025

 

 

 

Aggregate Face Values

 

 

Estimated Fair Values

 

 

Aggregate Face Values

 

 

Estimated Fair Values

 

Notes

 

$

600,000

 

 

$

629,868

 

 

$

—

 

 

$

—